From risk to return: Gain more control over the biggest challenges in your tendering process
Better insight into your projects and opportunities? From winning one out of ten tenders, to three out of ten? Improve the profitability of your projects? Whatever your objective, every tendering process is a combination of stakeholder, risk and project management. Peter Zeun, Senior Business Consultant at HSO UK CRM Solutions, notes that the complexity of the tendering processes is growing.
What are the biggest challenges facing sales and tender managers?
- Getting a head-start thanks to good stakeholder management
As a construction company or supplier, it’s important to get into the specifications of a project as early as possible. Do you know which construction projects are in the pipeline? Are you regularly in touch with project developers, architects and contractors? If you have a clear picture of your relationships, including the full contact history, with completed and planned actions, there’s a greater chance that you’ll be sitting down around the right table at the right time. Social selling tools can also help you to spot projects earlier, and to build up connections before the actual tender is issued.
- More profitable projects due to better risk management
Risk management is a crucial part of the tendering process. Construction companies that are strong in tender management are generally also good at risk management. The decision on whether to proceed with the tender or not, and who is responsible for it, occurs at a tightly-defined time. The trade-off between risk and (expected) return occurs constantly.
- Construction companies acquire a new role in the chain
Tenders are increasingly being issued, not only for the project, but also for long-term maintenance contracts. How do you organise and calculate this service so that it delivers a healthy profit in the future? There is also a growing demand to work out several scenarios, depending on your company’s role in the project. Historical insights will let you see which opportunity has the most chance of success and/or yields the greatest return.
- Connection to your operation and back-end for better scenarios and forecasting
Incorrect calculations, over-optimistic estimates and uncertain factors can ultimately cost the success of the project dearly. Insight into the consequences of the project for your organisation is also relevant. Consider the planning, production capacity, available resources and the burden on your maintenance service. Connecting your quotation to your ERP system and service organisation is therefore essential.
- Don’t forget document management
Good document management can not only make a difference in the tendering process, but also in a project’s entire life cycle. If employees can work together on documents, and they never miss out on the latest version or the right attachment, this can save your tender team a lot of time and help to prevent errors. The availability of agreements, drawings and other documents is also imperative during project execution and after-sales service.
Read how Kingspan uses Microsoft Dynamics 365 to improve stakeholder engagement, track and manage their pipeline and grow their organisation worldwide.
Would you like to know more about improving your tender processes?